In recent trading sessions, Internet Computer’s native token, ICP, experienced a 2.4 percent decline, sliding from a 24-hour high of $5.21 to $5.08 before encountering robust buying interest near the $5.00 mark. The downturn reflected brief bearish pressure, but the token rebounded strongly by 3.2 percent from its intraday low of $4.97, climbing back toward $5.13 as traders seized on the dip.
Technical analysis data from CoinDesk Research shows that trading volume surged to 524,622 tokens during the 05:00 UTC hour, 56 percent above the 24-hour average of 337,329. This influx of activity around the $4.97 to $5.00 support zone underscored renewed confidence among short-term speculators and institutional participants, who viewed the price contraction as a buying opportunity.
On-chain metrics revealed a concentration of limit orders accumulating between $5.03 and $5.06, effectively establishing a new floor that protected against deeper declines. Meanwhile, small-cap addresses increased their wallet balances by roughly 2 percent during the rebound, signaling a shift in market sentiment toward renewed accumulation.
The broader crypto market displayed mixed performance, with large-cap tokens showing modest gains. Bitcoin and ether both posted gains of around 1.5 percent, while Solana and Cardano remained largely unchanged. Market analysts noted that macroeconomic factors, including anticipation of U.S. Federal Reserve commentary on inflation and stimulus, continue to drive intraday volatility across major digital assets.
Looking ahead, traders will monitor ICP’s ability to sustain above $5.04, a level that, if breached, could signal a resumption of upward momentum toward near-term resistance at $5.20. Conversely, a drop below $4.97 could invite further selling pressure, potentially testing support at $4.85. As development activity on the Internet Computer network remains robust—ranked among the highest in on-chain commits—analysts view sustained technical strength as feasible, contingent on broader market stability.
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